REPORTING

More emerging Asian firms join Dow Jones Sustainability Index

More businesses from China, India, Taiwan and Thailand have been added to the Dow Jones Sustainability Indices, a major benchmark for firms with sound responsible business agendas. Asian firms in the emerging markets category of the index rose from 75 in 2021 to 82 in 2022. India’s Adani Enterprises has been added to the list, joined by three more Indian entrants including carmaker Tata Motors, consumer goods firm Hindustan Unilever and miner Vedanta Limited. From China, internet technology firm NetEase has been listed, joining energy firm China Everbright Environment Group, fast-food firm Yum China and medical business WuXi AppTec. They join Taiwan newcomers, including Mega Financial Holding, Vanguard International Semiconductor Corporation and more. Thailand saw one net addition to the index with its oil and gas firm PTT. (Eco-Business)

STRATEGY

Guidance launched on aligning business nature positive actions

CEO-led organisation the World Business Council for Sustainable Development (WBCSD) has launched a set of guidelines for businesses looking to deliver a net-positive impact on nature. The guidance was co-developed with the input of 60 firms with a combined value of more than $2 trillion. Large businesses of all sectors can use the resource, with the WBCSD urging firms in sectors with historically high negative impacts on nature to use it. The resource sets out six specific actions for businesses, starting with the completion of an up-to-date materiality assessment including nature impacts, followed by set targets grounded in climate and nature science and support. Businesses will also be advised to align their lobbying actions with their nature goals. It also asks businesses to report against metrics including TNFD and SBTi. (edie)

SUSTAINABLE INVESTMENT

Nestlé to launch new Ukraine facility in rare war-time investment

Food and drink conglomerate Nestlé will invest $42.88 million to launch a new production facility in western Ukraine, the company announced. Nestlé is one of the few international companies to announce new investments in Ukraine following Russia’s invasion. Nestlé said it plans to create a food and culinary hub in the country, ensuring incremental jobs and serving the needs of Ukrainians and all European citizens with high-quality products. The company, which already has about 5,800 staff in Ukraine, is planning to add 1,500 new jobs to the new production facility in Smolyhiv in the Volyn region. The factory is intended to help boost cold sauces, seasonings, soups and instant food production, supplying both domestic markets and markets in Europe. (Reuters)

ENVIRONMENT

Kering and L’Occitane Group launch €300m nature Climate Fund

Luxury fashion firm Kering has partnered with multinational beauty firm L’Occitane to launch a €300 million ‘Climate Fund for Nature’ at COP15. The fund will mobilise finance from the luxury fashion and beauty sectors to fund projects that help restore and protect nature, train farmers and empower women. The two firms have confirmed that €140 million has been committed out of a total €300 million target size. The fund will be open to other companies to help support the scaling of on-the-ground projects focused on restoration, regenerative farming practices and carbon credits. L’Occitane announced its intention to deliver a net-positive impact on nature by 2025 – underpinned with a new biodiversity strategy. Kering already has a history of nature-based funds with its ‘Regenerative Fund for Nature’. (edie)

DIGITAL ETHICS

Twitter abruptly dissolves safety council moments before meeting

Social media company Twitter has abruptly dissolved its ‘Trust and Safety Council’, just moments before it was scheduled to meet with company representatives. The council was an advisory group of nearly 100 independent civil, human rights and other organizations that the company formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform. Twitter informed the group via email that it was disbanding shortly before the meeting was to take place. Critics argue the news appeared to deepen the turmoil that has beset the company following Elon Musk’s takeover. It was also reported that Twitter’s former top safety official, Yoel Roth, was forced to flee his home amid escalating personal attacks, including from Musk himself. (The Guardian)

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